The biggest effects will be felt by small retail investors, B3 said in statement, adding that the measures could reduce B3 clients' overall annual fees by around 250 million ($62.5 million) based on trading volumes of the last 12 months.

The changes include reducing investors' account maintenance fee of about 110 reais a year currently and reducing fees for individuals to trade securities by about 10%. In addition, fees will fall the more investors trade, and fees for lending securities will be reduced.

According to B3, the changes are expected to be implemented throughout the year, with the hope that it will help broaden the base of retail investors in Brazil.

Copyright Reuters, 2020